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Bargain hunters have taken advantage of the 2015 silver-price slump – and pushed silver coin sales to record highs.
The U.S. Mint reported Monday that silver coin sales soared last month as white metal prices hit multiyear lows.
Robust silver bullion coin sales in November set an annual sales tally milestone. Some 4,824,000 Silver American Eagle coins were sold in November, up 27% month over month. That took the year-to-date total to a new record of 44,666,500 ounces. The previous annual record was 44,006,000 ounces sold in 2014.
Amid frenzied demand, the Mint said it will not take final orders for 2015 American Eagle bullion coins until Dec. 14.
The Royal Canadian Mint is also expected to log a new Silver Leaf coin sales milestone in 2015, above 30 million ounces.
As silver futures slumped 9.56% to a low of $13.85 an ounce last month, precious metal investors piled in.
Silver's 9.5% tumble in November accounted for most of its year-to-date loss of 9.7%. At its current $14.14, silver is sitting at levels last seen in late 2008.
But that's the thing about falling silver prices. Weakened silver prices don't scare investors away; they draw investors in.
Silver Coin Sales Boosted by Low Price
The white metal has long been a fan favorite among smaller retail investors and speculators who aim to gain exposure to gold at a fraction of the price. Silver investors also tend to buy and hold. Traditionally, that means more bang for the buck.
CNBC reports silver is a hot commodity among eBay Inc. (Nasdaq: EBAY) users. The online marketplace on Thanksgiving touted a deal on 100 1-ounce Silver American Eagle coins for $16,665.00. Sellers on the site that day sold the silver weight equivalent of 25 15-pound turkeys.
Moreover, in just one day last weekend, eBay sold 2,500 rolls of 20 Silver American Eagles via a daily deal. That translates to more than $850,000.00 in gross merchandise volume and sales of 50 ounces of silver every 60 seconds.
"It seems people are beginning to clue in to the attraction, and necessity, of holding some physical silver," said Money Morning Resource Specialist Peter Krauth.
The Best Way to Buy Gold Coins: Today's gold price is giving us an amazing buying opportunity – so we're stocking up on American Gold Eagles. Don't miss this historic "sale" on gold coins – here's how to get good deals from trusted sources.
- U.S. Mint: Bullion Sales/Mintage Figures
- Reuters: Gold Rises as Dollar Retreat Prompts Short Covering